Maybulk issued UMA query
08 Apr 2016 / 05:37 H.
PETALING JAYA: Malaysian Bulk Carriers Bhd (Maybulk) was issued an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd yesterday over the recent sharp rise in price and trading volume of the company’s shares.
“The company is not aware of any reasons or any corporate exercise that may have contributed to the increase in share price and high trading volume of Maybulk shares,” Maybulk said in a reply to the stock exchange.
Maybulk saw 68.4 million shares changing hands yesterday, closing 2.15% lower at 91 sen. However, its share price has risen 72% from only 53 sen on March 17.
Maybulk’s share price had been advancing as analysts upped its share price as demand for dry bulk shipping was seen outpacing supply growth.